Teck Chei, partner at Binance Labs, said he sees Facebook’s Libra Project as a step forward for increasing crypto awareness.
“I think having a company like Facebook, with such tremendous reach and distribution, into all different countries around the world – having them be interested in cryptocurrency and launching one is a very very positive thing for our industry. It brings a ton of awareness to people who have never heard of cryptocurrency.”
Binance is one of the largest cryptocurrency exchanges in the world at present. On concerns over Facebook’s use of crypto representing a step towards centralization, Chei remarked that they are one of 100 founders of Project Libra.
Chei said Binance and Facebook will be able to work together. “We naturally will engage with Facebook to kind of see how we can help advance the industry together.”
Facebook’s Libra project has been criticized by many. In the United States, Libra will be the subject of Congressional hearings in July over concerns that Libra cryptocurrency will pose a threat to security. Representative Emanuel Cleaver II reportedly said on the subject matter.
“We’ve seen the significant damage that foreign adversaries and bad actors have wrought on our democracy through Facebook’s platform, and that was simply through messaging and advertising.”